GCC & Iraq Wires and Cables Market revenue size is projected to grow at a CAGR of 6.7% during the forecast period of 2024-2030

Low voltage category, by voltage, attained the highest revenue share in the GCC & Iraq Wires and Cables Market – 6Wresearch

In 2023, the low voltage segment dominated the market in terms of revenue share. This segment is projected to maintain its leading position throughout the forecast period, driven by robust demand across various applications, including automation, lighting, sound, video surveillance, building and construction power distribution systems, and the infrastructure industry.

According to 6Wresearch, the GCC & Iraq Wires and Cables Market revenue size is projected to grow at a CAGR of 6.7% during the forecast period of 2024-2030. The wires and cables market in the GCC and Iraq has witnessed significant growth, primarily driven by substantial investments in infrastructure development and the energy sector. The implementation of national strategies such as Saudi Vision 2030, UAE Vision 2030, Kuwait Vision 2035, and Qatar National Vision 2030 have been instrumental in enhancing the electric power transmission and distribution infrastructure across these regions.

The market is currently characterized by robust demand across various sectors, driven by ambitious infrastructure projects and energy diversification efforts. For instance, the construction of new real estate developments, supported by initiatives like the Binaa Al Bahrain project and Iraq’s focus on reconstructing and modernizing its infrastructure are increasing the demand for a variety of wires and cables. Additionally, Saudi Arabia is actively pursuing the development of 10 GW of renewable energy projects with a target to generate 50% of its electricity from renewables by 2030, thereby generating the demand for wires and cables, essential for power distribution, communication, and automation systems

The wires and cables market in the GCC and Iraq is poised for sustained growth. The continued emphasis on infrastructure projects, such as roadways, airports, hospitality buildings, and commercial structures, is anticipated to drive demand. Additionally, the region's strategic shift towards renewable energy, backed by substantial government investments and policies, is expected to further augment the market.

According to Sumit, Senior Research Associate, in 2023, Power utilities dominated the applications segment of the market due to significant investments in power infrastructure upgrades.

The GCC & Iraq Wires and Cables Market (2024-2030) report provides an in-depth analysis with 84 figures and 33 tables, covered in 156 pages. The report comprehensively covers the market by voltage, cables, application and countries. The report provides a detailed as well as unbiased analysis of the ongoing drivers, opportunities/high growth areas, and trends of the sector which are projected to support the stakeholders to align as well as devise their market strategies as per the latest and future market dynamics.